A property ‘should be seen as a home not an asset’

Househunters looking to buy a house in Scotland should be sure to purchase a new home based on their lifestyle needs, according to recent expert advice.

Mouseprice, a UK property market information website, has advised homebuyers to assess their personal needs when purchasing a property instead of concentrating on the investment potential.

Jonathan Upton, business development director at the company, explained that the credit crunch is affecting the market in such a way that people may find that lending conditions make it difficult for them to take out a mortgage.

This is especially the case when a deposit is lacking, Mr Upton added.

"As a general rule, the British obsession with properties and investment is often counter-productive and people really should buy based on their lifestyle needs," he said.

"If they fall in love with a property and it’s within their price range then they should buy it, it shouldn’t be seen primarily as an asset, it’s first and foremost a home."

Those looking for Scottish property may be interested to learn that between September and December 2007, the number of house sales dipped to 90,880, compared to 117,301 the previous year.